i was thinking that may be ksl management will do some actions this year. probably resume dividend declare or bonus issue.

yes. david, that's why i kept plenitude for couple of years and never sell any single share. just wanna see how they are going to utilised this huge cash fund (rm1.46/share).

shl was based in bandar sg. long. my friend who stayed in bandar sg. long more than 10 years told me that shl is not aggressive in housing development. there was not much housing project launch by shl recently. anybody here can make a comment regarding this.

plenitude is moving forward to 52weeks high. good signal.

逍遥子, if you refer to bursa malaysia info, there got 3 times bonus issue in 2011 and 2012. the 1st was on feb 2011 (1:10, increase share from 240mil to 264mil). the 2nd was on apr 2012 (1:10, increase share from 264mil to 291mil) and 3rd was on oct 2012 (1:10 together with right issue at rm1.80 and free warrant issue, increase share from 291mil to 349mil).

ptaras so quiet recently. share price stuck at between 2.86 and 2.88. last week, ptaras withdraw rm10mil from securities. so their cash has increase rm10mil (6sen/share).

nanyang saing pau business weekly has reported mkh today. the busy weekly(资汇） also reported ksl in vol. 257(1.6.2014-12.1.2014). these 2 weekly magazine have boost up mkh and ksl share price today.

逍遥子, my cbip still very far to go. my average price at rm2.02. i am lucky to grab cbip at rm1.93 on 21/06/2013 last year when a sudden drop for a few counters on that day.

pintaras was my first counter double my investment. pie was 2nd, hope mkh will be the 3rd, cbip the 4th and ksl the 5th.

very soon i will double my investment in mkh (average price at rm1.69)

sjsoon, you are right. finally our investment got some return.

thanks bsngpg, same to you.

先知先覺沒胆只能賺到小錢,後知後覺沒胆賺不到錢，不知不覺大胆钱賺不到不打紧，却亏了大钱！

the rally just began.

no dividend declare is not a big problem. may be they need fund to expand their business or to reduce their debt. do you notice that their debt keep decreasing every year. ksl's distributable retained earnings already stood above rm1bil with nta increase to rm3.34. who knows one day, ksl would like to distribute the earnings to shareholders by declare bonus issue.

you are right bsngpg. i am not worry about the government policy against property sector, but more worry about the rupiah get depreciating recently will affect the profit in mkh's plantation sector.

you are right, benjamin. hong leong investment bank never do research properly.
below is the report posted by hong leong investment bank on 28 Nov 2013 :

KSL Holdings (HOLD)
Strong results from progress billings

1. 3Q13 core PAT rose 61.4% yoy to RM68.4m, with YTD net profit of RM182.9m making up 104% and 117% of HLIB and consensus estimates respectively.

2. Deviation was due to lack of management guidance for the strong takeup in KSL City and Bandar Bestari @ Klang and stronger than expected performance of the mall and hotel segments.

3. FY13-15E forecast raised by 45-48% to factor in: (1) Stronger earnings flow through from KSL City and Bandar Bestari; (2) Stronger recurring income from mall and hotel operations.

4. Given the prevailing macro and sector headwinds, we maintain discount to RNAV at 40% and keep our TP at RM2.04. HOLD


what a crazy analysis! ksl posted 9 months eps 47sen (annualised 63sen), unexpectedly hong leong bank set tp at rm2.04. on that day, ksl market price between rm2.04 to rm2.17 and closed at rm2.06. with excellent financial result in 2013, ksl at anytime worth more than rm4.00 (p/e 6.3)

cbip just purchase an oil & gas company with rm2. they are planning to enter into oil & gas business.

mkh is top counter in my portfolio (22%) with average price at rm1.69. hope it can double my investment next week. engine just started and i am waiting for it to fly.

mkh is the top counter in my portfolio(22%) with average price at rm1.69. i am waiting for it to fly. engine just started.

ksl's income not only from property development, they also do very well in their hotel and shopping mall which contribute rm100mil revenue and rm58mil or eps 15sen (profit before tax).

david, you are right. recently land rich companies such as brem, shl and cview start boom up. may be is the turn for plenitude soon. plenitude has huge lank bank in tebrau (johor), puchong (selangor), batu ferringi (penang) and sungai petani (kedah). most of the lands bought in a very cheap price and all these lands never revalue for the past 10 years. remember... plenitude a cash up rm396mil (rm1.46/share). last year, plenitude sold a piece of land 3.53 acres in kuala lumpur with cash rm49.5mil (purchase in 2005 with rm3.9mil) with margin rm45.6mil.

me too. i have accumulated fajar share almost 2 years. it's construction projects and property projects were started this year, better financial result will be out soon. I am waiting for it to fly one day.

a lot of articles reported by analysts that mkh will do excellent in year 2014 for both property and plantation, don't you read these?

AK $$, what aero1 going to say is mkh is undervalued. if plantation itself already worth 1bil (rm2.9/share), at current market price of rm2.93, look like property sector no value. it is unbelievable.

not only kajang 2, currently mkh also develop kajang east and sham alam hillpark. for kajang east, they just launch dec 2013 and for sham alam hillpark, pines is fully sold out. they are now open for sale for cherry and olive.

kenanga tp is 3.05

mkh hits 2.77 now.

eddieteong, you may go to the link http://www.skyscrapercity.com/showthread.php?t=112129&page=141. renowaja sdn bhd. is a company 100% owned by fajar.

me too. i am confident fajar will fly one day. they going to launch the service apartments in pulau melaka 1st quarter of 2014. hope they can good result on it.

sjsoon, yes i do agree with you, thanks for your comments.

hi sjsoon, i do agreed with your point. with the current low interest rate, it is better get fund from financial institution rather than right issue, but just look at the foreign exchange loss rm63mil in plantation sector last quarter. today the rate for usd amd ringgit hit 12,000 rupiah and 3,700 rupiah respectively compare to 10,000 rupiah and 3,200 rupiah in Jul-Sept (the quarter mkh loss rm63mil). as US going to cut the QE progressively, the rupiah against usd getting depreciated in the months coming. if there was no action taken by the management to solve this issue, i can foresee the loss in foreign exchange will getting worse for Q1 2014 result. if this really happen, their effort to go into plantation was useless and eventually this will cumber the profit gain from property.

frankly speaking, the direction of mkh to go into plantation is correct and they are do it very well for the currect 15,000ha oil palm estate. but now the main problem is their debt. why not they propose a right issue, that said 1 for 5 at rm2.00. this can easily source for the fund about rm140mil.

ksl hits rm2.18 now.

fajar going to launch the service apartment on 2 parcels of land, total land area 3.508 acres (land cost rm13.5mil as at sept 2010) in pulau melaka. according to fajar annual report 2013, they wanna develop 160 units (26-storey) and 467 units (30-storey) serviced apartment in pulau melaka. all the units are face the sea of straits of malacca. however according to mbmb website (melaka city council), announcement mentioned that fajar planned to develop 16-storey hotel. anyone here can make clarification on this?

mkh berhad previously knows as metro kajang holding berhad. they are based in kajang.

aero1, i am not talking about the cpo price, but the loan facilities mkh get in ringgit and usd to invest in kalimantan. look at the foreign exchange loss of rm66mil for plantation in Q4 2013.

look at the rupiah against usd and ringgit getting worse recently, i worry the loss in foreign exchange in plantation will be deteriorate in 2014. all the profit gain in property will be use to cover loss in plantation. don't know management got any actions to prevent it to be happen.

this is what i worry about, frank88. ksl is a good conter. it's excellent financial result will reflect in it's share price one day. it is too bad if ksl is privatise.

they didn't pay dividend probably due to need more fund to develop ksl city mall and ksl resort hotel. since these 2 properties have generated income about rm130mil every year and their cash flow is in comfort position now with rm112mil cash on hand, they will resume of dividend pay soon.

pintaras jaya will ex-bonus 1:1 tomorrow.

this is 1st interim dividend for FY2014, that means mkh may declare another dividend in FY2014. if the unrealised of rm50mil (foreign exchange loss) can be written off (after account audited) will be a good news for mkh.

i am worry major shareholder will privatise ksl soon. ksl is really undervalued at current price. currently, ksl 5 days average price is rm2.10, if major shareholder offer 10% on top of rm2.10, the offer price for privatise the ksl could be rm2.31. same thing was happen is kian joo can factory. rm2.31 is not a good offer if you looking at ksl's future potential of generate income.

i am thinking no dividend pay for this year but really unexpected, they still afford to pay such a high dividend at the last day of 2013 (new year angpow) amidst of high liabilities in property sector and plantation sector.

i am wondering why such a good company did not attract investors to buy in. what are the issues they worry about? who can tell me?

Definitely, ksl is worth to invest at current price. As i mentioned before, ksl city mall, hotel and car park only have steady contributed rm100mil revenue for ksl with profit rm58mil (58% margin) and eps 15sen. Besides, they have Giant complex in Nusa Bestari and Muar with book value 69mil and 62mil respectively. Their landbank in iskandar area mostly purchase in year 2002 and 2003, it cheap landbank provide a good margin for ksl. Their property business will keep boosting up coming quarters.

over the past 3 years, KSL retained earnings is rm395mil. most of profit they have invested in purchase of additional landbank and some are in property development cost, and trade receivable. as at 30/09/2013, they have cash about rm112mil. their financial status looks healthy, hope they will declare dividend in coming quarters.

ivory has postpone the acquisition of rakyat plaza for 3 months due to waiting for the authority's approval.

if you attend the AGM, please help me to ask the management how is the status of the lands purchased in Puchong and Sentul. the lands purchased almost 2 years and they keep saying these 2 project to build condo are waiting for authority's approval. why it need so long time to get approval? and for Pulau Melaka service apartment project, when they are going to launch it and how much the GDV for the whole project?

i am wondering why ksl is not in buying uptrend with such a excellent 3Q2013 financial result. at least they have steady properties investment (shopping mall, hotel and car park) income (about revenue rm100mil and profit before tax rm58mil) and excellent property development. what people out there worry about?